Property Type Industrial
Financing Type Permanent
Date July 21, 2022
Four-Buildings Totaling 148,000 Square Feet in Four Locations 100% Leased in Multi-Tenant Format; Life Company Lenders Continue to See Quality Industrial as Preferred Allocation Target
Seattle, Wash. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $15 million of permanent financing for a four-building industrial portfolio encompassing a total of 148,000 square feet, with properties located in the Seattle Region communities of Kent, Sumner, Auburn, and Marysville, Wash. The properties are 100% leased in a multi-tenant format to a range of logistics-intensive and manufacturing operators.
Gantry’s Mike Wood, Principal, and Alex Saunders, Associate, with the firm’s Seattle production office represented the borrower, a local private real estate investor. The 10-year, full term interest only fixed rate loan was provided by a life insurance company.
According to Gantry’s Mike Wood, “Quality industrial property of all sizes, strategically positioned to serve logistics intensive operators within large MSA markets, remains a favored asset class for life company lenders. As upward rate pressures emerge and financing market conditions continue to adapt, life company lenders remain very competitive on permanent loans for quality industrial properties serving supply constrained primary and secondary MSA markets. In this instance, experienced sponsorship borrowing at low leverage on well located, stabilized assets within the greater Seattle region resulted in an attractive ten-year, fixed-rate loan with terms that still qualify as holding at generational lows in comparison to past market cycles.”